CME Gap Filled as Bitcoin Continues to Trade Lower Within a Downtrend Channel

Bitcoin Holds in Downward Channel as Price Dips Become Less Severe

Bitcoin (BTC) is still trading inside a descending channel—a technical indicator often associated with a bearish market—that has been in place since May 22, when BTC touched a high of $112,000. While the cryptocurrency has continued forming lower highs and periodic corrections, recent price patterns suggest selling pressure could be softening.

After reaching its peak in May, Bitcoin slipped by about 10%, settling around the $100,000 mark. It tried to rally back to $110,000 on June 10 but was met with another quick 10% drop, briefly dipping below $100,000 amid geopolitical uncertainty tied to tensions between the U.S. and Iran.

On June 30, Bitcoin climbed as high as $109,000 but then fell roughly 3%. This recent pullback, however, was milder than earlier drops, with the price recovering to around $108,000, indicating that bearish momentum may be easing.

During the decline, BTC also filled a CME futures gap near $106,000, touching a low of approximately $105,000. These gaps appear when the Chicago Mercantile Exchange (CME) is closed and spot prices move significantly, leaving a void on futures charts that traders often expect the market to revisit.

Glassnode’s on-chain data shows that Bitcoin’s recent dips have been relatively moderate. BTC remains above its one-month realized price—the average cost basis for investors over the past 30 days—signaling solid market confidence.

At present, the average purchase price for BTC holders over the past 24 hours is $105,600, while the one-week average stands at $106,300. These short-term investors remain in profit, helping sustain some buying momentum. However, continued profit-taking could limit Bitcoin’s ability to retest prior highs in the short term.